Isabella García
The Solana blockchain saw its application revenue — often referred to as its “Chain GDP” — tumble in the second quarter of 2025, even as its decentralized finance (DeFi) ecosystem strengthened.
According to a new Messari report, Solana’s application revenue dropped 44.2% quarter-over-quarter, sliding from $1 billion in Q1 to $576.4 million in Q2. The downturn was driven largely by reduced profits from leading decentralized applications.
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PumpFun, Solana’s largest revenue contributor, generated $156.9 million, but that marked a 43.9% decline compared to Q1, reflecting fading memecoin activity.
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Axiom, on the other hand, posted massive growth, climbing 641.3% to $126.6 million.
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Jupiter, a top DeFi aggregator, reported $66.4 million, down 15.6%.
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Phantom wallet fell 65.4% to $53.5 million.
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Photon revenue slipped 72.4% to $32.5 million.
DeFi TVL Surges to Multi-Billion Levels
Despite weaker revenue, Solana’s DeFi total value locked (TVL) jumped 30.4% quarter-over-quarter, reaching $8.6 billion — cementing Solana’s position as the second-largest DeFi network after Ethereum.
The rally continued into Q3, with DeFiLlama data showing Solana’s TVL has now surpassed $11 billion.
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Kamino Finance extended its lead, with TVL rising 33.9% to $2.1 billion, giving it a 25.3% market share. Its Lend V2 launch in May attracted $200 million in deposits and $80 million in loans within three weeks.
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Raydium surged 53.5% to $1.8 billion, overtaking Jupiter to reclaim second place.
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Jupiter also grew, but at a slower pace of 13.2% to $1.6 billion, leaving it with a 19.4% market share compared to Raydium’s 21.1%.
Trading Volume Fails to Keep Pace
While TVL soared, trading activity lagged. Average daily spot DEX volume across Solana’s ecosystem slumped 45.4% in Q2, falling to $2.5 billion.
Messari linked the drop to cooling memecoin momentum, which had fueled record activity in Q1 but tapered off in the following months.
